Financial Integration with ArtifaxEvent
Guy Hiddleston - October 18, 2019
ArtifaxEvent has the ability to issue invoices directly to clients using our core functionality. Prices can be held against Rooms and Resources allowing for a fully itemised invoice schedule to be produced. Each item can be linked to a Nominal Ledger Code, Cost Centre and Department to align with your central finance system.
Why should this be a priority?
In ArtifaxEvent the accurate logging of client needs will benefit every department across the venue. The technical team will know which resources are required, suppliers will know exactly what they need to deliver, and the client will have a great looking function sheet and contract.
Many venues will log financial information in their Event Management System (EMS), this allows for quotations, contracts and accurate forecast reporting to be carried out directly from the EMS. If teams are already logging what is needed the additional admin to log how much each item will be charged at is minimal.
Many finance teams work with incomplete information delivered from multiple departments in multiple formats. Using ArtifaxEvent to record all information about an Event means everything is reported in the same format and that there is a single accurate source of information across the company to refer to.
How would this work?
The invoices are created in ArtifaxEvent and the invoice report is fully customisable. Our invoice numbers are sequential for each trading name starting at 1, however, our support team can set them to start with a specific number if you would like to reserve number ranges in your accounting system.
At the end of a time period chosen by the accounts team, the invoice records can be exported into a CSV format ready for upload into the journal of your finance system.
We have specific formats available for the following systems:
• Advanced Exchequer
• Sage 50 and 200c
• Total Finance
• Generic CSV available for modification on delivery
Each invoice schedule row is uploaded individually to the journal and linked to the invoice number and customer account reference number. These outputs are all available as a trial export for review before a final export is produced.
Once this process is running there should be a reduction in data entry work for the financial team. A reduction in data entry will also mean a reduction in the manual error rate giving your finance team more time to focus on analysis and improvement.
Ensuring the only transfer of financial data relating to events is delivered from ArtifaxEvent will also enforce good practice across multiple departments and ensure your system remains an up to date and accurate single location for all information.
How to Proceed
Implementing this functionality may require some training and configuration, both in ArtifaxEvent and more generally as the Events Team may not currently be involved in the invoice process. If this is something which interests you please contact your Artifax representative for more information and they will be happy to discuss a plan with you.